SettleMint lands €16m to boost its low-code blockchain platform

12 Oct 2022

SettleMint co-founder and CEO Matthew Van Niekerk. Image: SettleMint

Belgium-headquartered SettleMint said the funding will be used to solidify its position in current markets, expand into Japan and recruit 60 new team members.

Molten Ventures has co-led a €16m Series A funding round for low-code blockchain platform SettleMint.

SettleMint is working on a platform to help developers build applications rapidly and easily on Web3 infrastructure.

The Belgium-headquartered company, which was founded in 2016, said its platform is being used for enterprise blockchain application development, with clients such as banks, financial services providers, global retailers, manufacturers and innovators in the public sector.

SettleMint co-founder and CEO Matthew Van Niekerk said his team saw the benefits for companies integrating blockchain applications into existing systems but “knew that there was no easy way for developers to achieve this”.

“Let’s face it, blockchain application development is hard,” Van Niekerk said. “As practitioners, we also recognised the repeated and predictable challenges that every blockchain implementation faces and that enterprise-grade implementations have very high security, scalability and interoperability requirements.

“SettleMint meets these standards and provides tools for the challenges that take away complexity to make blockchain application development easy.”

The Series A round was co-led by Molten Ventures, one of Europe’s most well-known tech-focused firms, which changed its name from Draper Esprit last year. Listed in Dublin and London, it has backed European unicorns such as Revolut and Aircall.

Molten was joined in the round by new investors such as OTB, which co-led the funding, Fujitsu Ventures, Allusion and Bloccelerate, as well as existing investor Medici Ventures.

SettleMint said the funding will be used to solidify its position in current markets, fuel international expansion and power the expansion of its partner programme. The company is targeting Japan in particular for expansion and plans to add 60 new team members globally.

Molten Ventures partner Vinoth Jayakumar said there is a massive demand to implement blockchain applications, but there is “an equivalent shortage of blockchain expertise”.

“SettleMint bridges that gap by allowing developers to build Web3 products and focus on end-product business use cases, not on underlying complex blockchain infrastructure,” Jayakumar said.

“We’re extremely excited to back SettleMint in building the leading Web3 development platform for decentralised applications.”

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Leigh Mc Gowran is a journalist with Silicon Republic